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The Florida Marlins professional baseball team, begging for a big government subsidy for a new ballpark, agreed this week to split its profits with the City of Miami and Dade County if the team is sold within nine years of the start of construction. If the team is peddled, the governments get 70 percent of profits in the first year, 60 percent in the second, 50 in the third, all the way down to 5 percent in the fifth year. Earlier, the team had agreed to an 18 percent split. The City of Miami Commission voted 3-2 in favor of the subsidy Thursday. Dade County votes next week, possibly Monday. Here's how the planned subsidized stadium deal goes down: the county drops in $297.5 million in tourist taxes and $50 million from a bond referendum. The city plunks down $13.5 million and the two governments add $24 million for roads and utilities. The Marlins would ante up $120 million. The city would spend $94 million on parking, but the team would purchase most of the spaces. Profit splitting in case of a sale? Good idea, San Diego.
The Florida Marlins professional baseball team, begging for a big government subsidy for a new ballpark, agreed this week to split its profits with the City of Miami and Dade County if the team is sold within nine years of the start of construction. If the team is peddled, the governments get 70 percent of profits in the first year, 60 percent in the second, 50 in the third, all the way down to 5 percent in the fifth year. Earlier, the team had agreed to an 18 percent split. The City of Miami Commission voted 3-2 in favor of the subsidy Thursday. Dade County votes next week, possibly Monday. Here's how the planned subsidized stadium deal goes down: the county drops in $297.5 million in tourist taxes and $50 million from a bond referendum. The city plunks down $13.5 million and the two governments add $24 million for roads and utilities. The Marlins would ante up $120 million. The city would spend $94 million on parking, but the team would purchase most of the spaces. Profit splitting in case of a sale? Good idea, San Diego.